The top five global LNG importers, all in Asia, collectively took 3% less of the super-chilled fuel in 1H 2019, the first year-on-year fall since 2016. With bumper new volumes hitting the market, and more to come, no wonder prices are depressed. Evidence suggests key supplier Qatar has chosen to ship lower volumes rather than discount prices.

Spot LNG prices in East Asia have fallen to just $4/mn BTU, the lowest in over three years. Look at recent import statistics and it’s easy to...